Deep Dive Course on Bonds
A comprehensive 1-day course on bonds taught by senior bond market experts in Singapore.
IBF-STS Approved | 8 CPD Hours
30 March 2023
With the current slump in Equities and the US Fed expected to slow the pace of rate hikes, investors are starting to favor bonds again. This deep dive course will cover key fundamental bond concepts, complemented with real world examples and a live bond investing/allocation simulation to help finance professionals develop a strong understanding of bonds. They will subsequently be well-positioned to advise their clients better on their bond investments.
Course Modules
- Introduction to Bonds
- What is a bond?
- Bonds vs stocks
- Types of bonds
- Duration
- Yield
- Accrued interest
- Macroeconomic Factors That Impact Bond Prices
- Yield curve
- Fed dot plot
- Inflationary factors
- Monetary policy
- Stimulus measures
- Bond Valuation & Risk
- What is spread?
- Z-spread
- Credit Default Swap (CDS)
- Components of bond yield
- Getting risk for return
- COLT Framework
- Credit
- Optionality
- Liquidity
- Tenor
- New Bond Issues & Credit Ratings
- Factors that determine pricing
- New issue premium
- Tightening
- Book allocations
- Tap
- Credit ratings ladder
- Factors that determine credit ratings
- Altman’s Z-Score
- Popular Bonds & Allocations
- Secondary Trading of Bonds
- Current bond industry structure
- How to track bond prices
- Importance of news monitoring
- How to assess liquidity of a bond
- Future of bond markets
- Using Excel to Understand Bond Calculations
- Bond cash flows
- Clean vs dirty price
- Portfolio value and profit & loss
- Price and yield calculations
- Portfolio volatility
- Dv01 risk ladder
- Bond Portfolio Optimization
- Volatility
- Sharpe ratio
- Diversification & home bias
- Buy & hold vs active management
- Effect of Leverage
- Understanding ESG Bonds
- ESG bond types
- ESG standards
- Greenium
- Greenwashing
- High Yield Bonds
- What are high yield bonds?
- High yield bond structures
- Key idiosyncratic risks
- Protection against key risks via the covenant package
- Current high yield environment
- Perpetual Bonds
- What are perpetual bonds
- What are Additional Tier 1s
- Bank liability structure
- Common features of AT1s
- Loss absorption mechanisms
- Corporate vs bank perps
This section covers fundamental bond structures and key concepts to facilitate participants’ understanding of the bond market.
This section reviews real-world examples of macroeconomic events and news to explain how they influence the bond market.
Participants will learn how to interpret key bond metrics to evaluate bond risks.
This section covers an in-depth explanation of the new bond issue timeline, terminology and how to analyse them. It also covers how to find and interpret credit ratings.
Participants will review their understanding of the new bond issues process by examining recent prominent bond issuances with a focus on order books and allocations.
Participants will be equipped with a working knowledge of secondary trading of bonds, including where to find bond prices and important bond market factors to look out for.
This section covers Excel tools that’s participants can utilise to perform calculations for bond and portfolio analysis.
Participants can learn how to build a diversified bond portfolio, manage risk at the portfolio level and investment strategies.
This section is a discussion on how leverage works, its effect on the portfolio in different scenarios and key risks of using leverage on bonds.
Participants will get an overview of the current ESG bond space and key considerations when looking at ESG bonds.
Participants will get an expert’s perspective on how to navigate the Asian high yield bond market and how to understand key characteristics of high yield bonds.
This section focuses on the structure of perpetual bonds, and gives participants a deep dive into bank Additional Tier 1 (AT1s).
Course Instructors
Dr. Rahul Banerjee
Co-Founder & CEO
Rahul is a DCM-banker with 20 years of experience, including stints at global premier banks such as Credit Suisse, Nomura and Citi. In his previous role, he was the Global Head of International Corporates, Financial Market Sales at Standard Chartered Bank, where his team was based across all the major dealing rooms and covered the Fixed Income needs of large corporate clients.
Pramod Shenoi
President – CreditSights Singapore
Pramod has extensive experience in debt markets. He is the Head of Research for Asia Pacific at CreditSights, an independent credit research firm that caters to institutional bond investors. Prior to this, he was the regional head of financial institutions for Mizuho Securities’ Debt Capital Markets team, covering financial issuers in Asia ex Japan.
George Thomas
Director – Fixed Income, BondEvalue
George has a decade of experience in Fixed Income Markets having previously worked at Credit Suisse. He used to work on the Asian Local Currency Fixed Income Trading desk for over four years, primarily focusing on India Offshore and South East Asian markets. His experience includes trading bonds, futures, swaps and onshore & offshore FX.
Raahil Shah, CFA
Vice President, BondEvalue
Raahil manages the global information services business at BondEvalue. He is passionate about the bond markets and is the chief editor of the Bond Market Daily newsletter that is sent to over 30,000 bond investors and professionals globally. He is also responsible for the company’s ESG initiatives in terms of data and trainings. Prior to joining BondEvalue, he has worked across equity & credit research. He is also a CFA charterholder.
Who Should Attend?
- Private bankers
- Relationship managers
- Investment counsellors
- Wealth managers
- Analysts
- Asset Managers
Teaching Style
A balanced mix of theory & practice where each concept is explained with real-world examples from the current bond markets.
Learning Objectives
- Understand how bonds are valued and the factors that impact a bond’s price/yield
- Identify key risks associated with bonds and mitigation techniques
- Build a balanced bond portfolio customized to their client’s needs
- Study new bond deals with respect to bond terms and pricing and determine suitability for clients
- Learn about electronic bond trading platforms and execute bond trades
- Evaluate green, social, sustainable and sustainability-linked bonds with relevant ESG metrics
- Analyse high yield bonds in terms of covenant packages, risks and red flags associated with Chinese bond issuers
- Assess AT1 perpetual bonds – popular with private bank clients – in terms of common features, trigger/write-off mechanisms and coupon resets
Fees, Funding & Dates
SGD 1,000 before GST & funding.
50/70% IBF funding for Singapore citizens and PRs in 2023.
| Date | Day | Time Zone | Time |
|---|---|---|---|
| 30 March 2023 | Thursday | Asia/UK | 9am to 5pm SG/HK |
| 24 May 2023 | Wednesday | Asia/UK | 9am to 5pm SG/HK |
| 25 July 2023 | Tuesday | Asia/UK | 9am to 5pm SG/HK |
| 11 October 2023 | Wednesday | Asia/UK | 9am to 5pm SG/HK |
Venue
The course will be conducted in-person with safe distancing measures in place at a venue in Singapore CBD.
- Bond Valuation & Risk
- Introduction & terminologies
- What is spread?
- Z-spread
- Credit Default Swap (CDS)
- Components of bond yield
- Getting risk for return
- COLT Framework – Credit, Optionality, Liquidity, Tenor
- Bond Portfolio Management
- Role of bonds in a portfolio
- Bond portfolio risks
- Active vs. passive strategies
- Leverage – scenarios and risks
- Live bond trading simulation focused on portfolio
construction and scoring in terms of
diversification and risk-adjusted returns - Primary Markets & Credit Ratings
- Factors that determine pricing
- New issue premium
- Tightening
- Book building and allocations
- Credit ratings ladder
- Factors that determine credit ratings
- Altman’s Z-Score
- Secondary Trading of Bonds
- Current bond industry structure
- How to track bond prices
- Importance of news monitoring
- How to assess liquidity of a bond
- Electronic trading & application of blockchain tech
- ESG Bonds
- ESG bond types
- ESG standards
- Greenium
- Greenwashing
- Asian High Yield Bond Analysis
- What are high yield bonds?
- High yield bond structures
- Key idiosyncratic risks
- Protection against key risks via the covenant package
- Current high yield environment
- Perpetual Bonds
- What are AT1s?
- Bank liability structures
- Common features of AT1s
- Loss absorption mechanisms
- Corporate perps
Participants will learn how to interpret key bond metrics to evaluate bond risks.
Participants can learn how to build a diversified bond portfolio, manage risk at the portfolio level and investment strategies.
This section covers an in-depth explanation of the new bond issue timeline, terminology and how to analyse them. It also covers how to find and interpret credit ratings.
Participants will be equipped with a working knowledge of secondary trading of bonds, including where to find bond prices and important bond market factors to look out for.
Participants will get an overview of the current ESG bond space and key considerations when looking at ESG bonds.
Participants will get an expert’s perspective on how to navigate the Asian high yield bond market and how to understand key characteristics of high yield bonds.
This section focuses on the structure of perpetual bonds, and gives participants a deep
dive into bank Additional Tier 1 (AT1s).
Dr. Rahul Banerjee
Co-Founder & CEO
Rahul is a DCM-banker with 20 years of experience, including stints at global premier banks such as Credit Suisse, Nomura and Citi. In his previous role, he was the Global Head of International Corporates, Financial Market Sales at Standard Chartered Bank, where his team was based across all the major dealing rooms and covered the Fixed Income needs of large corporate clients.
Pramod Shenoi
President – CreditSights Singapore
Pramod has extensive experience in debt markets. He is the Head of Research for Asia Pacific at CreditSights, an independent credit research firm that caters to institutional bond investors. Prior to this, he was the regional head of financial institutions for Mizuho Securities’ Debt Capital Markets team, covering financial issuers in Asia ex Japan.
George Thomas
Director – Fixed Income, BondEvalue
George has a decade of experience in Fixed Income Markets having previously worked at Credit Suisse. He used to work on the Asian Local Currency Fixed Income Trading desk for over four years, primarily focusing on India Offshore and South East Asian markets. His experience includes trading bonds, futures, swaps and onshore & offshore FX.
Raahil Shah, CFA
Vice President, BondEvalue
Raahil manages the global information services business at BondEvalue. He is passionate about the bond markets and is the chief editor of the Bond Market Daily newsletter that is sent to over 30,000 bond investors and professionals globally. He is also responsible for the company’s ESG initiatives in terms of data and trainings. Prior to joining BondEvalue, he has worked across equity & credit research. He is also a CFA charterholder.
- Private bankers
- Relationship managers
- Investment counsellors
- Wealth managers
- Analysts
- Asset Managers
Teaching Style
A balanced mix of theory & practice where each concept is explained with real-world examples from the current bond markets.
- Understand how bonds are valued and the factors that impact a bond’s price/yield
- Identify key risks associated with bonds and mitigation techniques
- Build a balanced bond portfolio customized to their client’s needs
- Study new bond deals with respect to bond terms and pricing and determine suitability for clients
- Learn about electronic bond trading platforms and execute bond trades
- Evaluate green, social, sustainable and sustainability-linked bonds with relevant ESG metrics
- Analyse high yield bonds in terms of covenant packages, risks and red flags associated with Chinese bond issuers
- Assess AT1 perpetual bonds – popular with private bank clients – in terms of common features, trigger/write-off mechanisms and coupon resets
SGD 1,000 before GST & funding.
50/70% IBF funding for Singapore citizens and PRs in 2023.
| Date | Day | Time Zone | Time |
|---|---|---|---|
| 30 March 2023 | Thursday | Asia/UK | 9am to 5pm SG/HK |
| 24 May 2023 | Wednesday | Asia/UK | 9am to 5pm SG/HK |
| 25 July 2023 | Tuesday | Asia/UK | 9am to 5pm SG/HK |
| 11 October 2023 | Wednesday | Asia/UK | 9am to 5pm SG/HK |
Venue
The course will be conducted in-person with safe distancing measures in place at a venue in Singapore CBD.
Other Courses
About BondEvalue
BondEvalue is a leading fixed income-focused fintech that specializes in bond market data, education and technology. The company has launched the world’s first fractional bond exchange – BondbloX Bond Exchange (BBX). Regulated by the Monetary Authority of Singapore, BBX transforms the bond market globally by enabling investors to trade fractional bonds (BondbloX) digitally via partner banks and brokers. The exchange leverages DLT to bring efficiencies in bond trading. BBX has integrated with global custodian banks Citi and Northern Trust, and has one of Asia’s largest brokerages, UOB Kay Hian as its initial launch partner. www.bondevalue.com
Terms & Conditions
Course fees are non-refundable. Customers can reach out to us via email for further clarifications.
Assessment
The course will conclude with an online assessment of up to 20 multiple-choice questions, requiring an 70% pass rate. Candidates may re-sit the assessment as many times as required.
Disclaimer
The materials and information contained herein are solely for general information reference and educational purposes only, and not intended to constitute nor as a substitute for legal, commercial and/or financial advice from an independent licensed or qualified professional. The information, opinions and views expressed herein are not, and shall not constitute an offer or a recommendation to sell, a solicitation of an offer to buy or an offer to purchase any securities, nor should it be deemed to be an offer, or a solicitation of an offer, or a recommendation, to purchase or sell any investment product or service or engage in any investment strategy. Nothing herein has been tailored to the investment objectives or financial situation of any specific individual, are current only as of the date hereof and may be subject to change at any time without prior notice. No representation, warranty or claim whatsoever is made nor implied as to the accuracy or completeness of any material or information contained herein, nor we have no liability whatsoever for any error, inaccuracies or omissions. No reliance should be made on the materials or information herein for any investment decision, and we accept no liability whatsoever for any direct or indirect loss whatsoever which may arise from the use or reliance of any such material or information. The business of investing is a complicated matter that requires serious financial due diligence for each investment. No representation whatsoever on the suitability or otherwise of any securities, products, or services for any particular investor. Each investor is solely responsible for its own independent investment decision based on its personal investment objectives, financial circumstances and risk tolerance, and should seek its own independent legal, tax and other professional advice prior to any such decision.
The inclusion of any hyperlinks or external links should not be seen as an endorsement or recommendation of that website or the views expressed therein. We do not have any control over the content or actions of the websites we link to and will not be liable for anything that occurs in connection with the use of such websites.
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For inquiries:
Raahil Shah - VP, BondEvalue
